Meta Platforms (NASDAQ: META) will trim about 5% of its “lowest performers” and plans to hire for the impacted roles this year, a company spokesperson said on Tuesday.
CEO Mark Zuckerberg has also warned employees about more such job cuts this year to “raise the bar” on performance management, the spokesperson said.
The Facebook parent had a total workforce of more than 72,000 as of September. 30.
Many tech companies, including Cisco (NASDAQ: CSCO) and International Business Machines (NYSE: IBM), have been looking to redirect investments into artificial intelligence technology. Meta has also poured billions into AI-related infrastructure, with its expenses expected to grow this year.
The social media company initiated several restructuring changes in 2022, resulting in around 11,000 job cuts.
Zuckerberg had also called 2023 the “Year of Efficiency” as Meta announced its decision to eliminate around 10,000 roles.
Last week, Meta Platforms (NASDAQ: META) scrapped its U.S. fact-checking program and reduced curbs on discussions around contentious topics such as immigration and gender identity, bowing to conservative pushback ahead of Republican Donald Trump’s return to the U.S. presidency.
Meta’s layoffs were first reported by Bloomberg News earlier on Tuesday.
Latest News on Meta Platforms Inc (META) Stock
Mark Glenn is a financial journalist and breaking news reporter for ABBO News. Mark is known for his ability to deliver real-time news updates on market developments, mergers and acquisitions, corporate earnings reports, and regulatory changes, helping investors stay informed and make sound financial decisions. Read Full Bio
